Son: Dad, there is no such thing as overproduction in Bitcoin. Bitcoin always paces itself.
Everything works as designed and everything is in perfect order every 10 minutes on average.
Dad: Son, it seems to me that Bitcoin runs as accurately and precisely as a Swiss watch.
Son: Bitcoin is indeed a great timekeeper.
#Bitcoin
Son: Dad, the Tor project is instrumental to true freedom on the internet.
Its main offering, the Tor browser, is a web browser that lets users stay anonymous online and protects them from being tracked by hackers, internet service providers, and even corporations and governments.
For Bitcoin, Tor is such a vitally important piece of infrastructure.
Dad: Son, what do you want to tell me?
Son: The Tor Project is only kept alive by few sponsors and contributors.
They need funds to build and maintain the onion service. Let's donate some bucks.https://donate.torproject.org/
#Bitcoin
Son: Dad, don't trust everything you see.
Even salt looks like sugar.
Dad: Son, what do you want to tell me?
Son: Use your Umbrel node to verify if your bitcoin is real bitcoin – or you will be salty in the end.
#Bitcoin
Dad: Son, my balance hardly changes.
Son: Hi Dad,
Stacking slowly?
It's okay, but never stop.
#Bitcoin
Son: Daily reminder: Dad, no one is coming to secure your wallet's recovery seed words for you. ;-)
Dad: Son, thank you for helping me to help myself.
With a Cryptosteel, it was done in no time.
Thank you for the recommendation and the "TEACH_ME_BITCOIN_SON_CS10 " coupon code.
Son: You're welcome, Dad. Glad you did it.
Have you secured the passphrase too?
Dad: Yes, I did. Got a "Capsule Duo".
#Bitcoin
Dad: Son, what about "paper wallets"?
Son: Hi Dad,
Don't use them nowadays. These paper wallets are considered unsafe for various reasons.
Dad: What should I use instead? Any suggestions?
Son: "Opendimes" are today's paper wallets.
This is a very safe and effective way to generate a uncompromised private key.
Dad: And then I load the private key into BlueWallet?
Son: If you want to move your funds, then yes.
#Bitcoin
Son: Dad, you don't have to be an expert to buy bitcoin.
Dad: ... the expert said. ;-)
#Bitcoin
Son: Dad,
Passphrases are easy to use.
Dad: Son, that is why everybody should use it. Right?
Son: Passphrases are easy to lose.
Dad: Uhm, that is bad. What do you suggest?
Son: That's why everybody should use a Cryptosteel.
Dad: It is not easy to do everything right.
Son: Get a "Capsule Duo". Use one for the recovery seed words and one for the passphrase. Store both Capsules on different locations. That's it.
#Bitcoin
Dad: Son, why not keep my Bitcoin on an exchange? They are like banks, and you can use two-factor auth.
Son: Hi Dad,
Exchanges are on-ramps and off-ramps. They are not destinations. Use them as they have been designed, as routes to self-custody and not as banks.
Dad: Even though every withdraw costs a hefty fee?
Son: Yes. Freedom and sovereignty has its price. I don't want anything or anyone to come between me and my bitcoin. For me, there is no such thing as "too complicated", "too cumbersome" or "too expensive" when it comes to self-custody.
#Bitcoin
Dad: Son, what does m/44'|48'|84'/0'/0' mean?
Son: Hi Dad,
It's a "derivation path" and it describes how your Hierarchical Deterministic (HD) wallet derive a specific key within a tree of keys.
For example, if you want to get the next address from a wallet, it just increases the last number by one.
Dad: So this means that all receiving addresses are already known when the wallet is created?
Son: All receiving addresses, all change addresses, all accounts and much more are known from the beginning. Everything is derived from your 12 or 24 seed words using a derivation path.
#Bitcoin
Son: Dad, did you know that Bitcoin transactions are recorded in blocks on a chain called the blockchain?
Dad: Son, I have heard the term "blockchain" before.
How does it prevent double-spending?
Son: Each bitcoin can only exist in one block at a time, so it can't be in two separate blocks simultaneously. What we call "bitcoin" or "coin" refers to an unspent transaction output, alternatively identified as "UTXO".
Dad: Ah, got it. That ensures the integrity of the transactions then.
Son: Exactly, Dad! It's one of the reasons why Bitcoin is considered secure and trustworthy.
#Bitcoin
Son: Dad,
Bitcoin is 100% voluntary.
Dad: Son, I am uncertain if those who desperately need Bitcoin feel the same way.
Son: Even then, Bitcoin is 100% voluntary.
#Bitcoin
Dad: Son, I am getting old. I need a backup solution for my passphrase. I think getting another Cryptosteel Capsule.
I have so many tiles left. Do you know if I can buy only a Capsule container without the tiles?
Son: Hi Dad,
Yes, you can buy an empty Capsule.
This package includes no tiles or separators and is perfect for backing up a passphrase.
On the Cryptosteel website, go to 'Products' > 'All Products' > 'Shop'. Use the coupon "TEACH_ME_BITCOIN_SON_CS10" during checkout to get 10% off!
Dad: Great, found it. Thank you. :-)
#Bitcoin
Dad: Son, Bitcoin is like a rockstar.
All news is good news.
Son: Hi Dad,
You're absolutely right. The more people talk and think about Bitcoin, the more the virus spreads.
#Bitcoin
Dad: Son, do you have a good Bitcoin investment strategy you would like to share?
Son: Hi Dad,
Sure. Don't trade, don't sell – that's the strategy.
Holding bitcoin is savings, not investing.
People with a high time preference will invest their fiat money seeking for fiat gains.
#Bitcoin
Dad: Son, what keeps two people from generating the same seed words?
Son: Nothing, Dad, except gigantic numbers.
This number is so large the human mind cannot comprehend its vast space. Think of every atom in the universe, it's almost that big.
If nearly everyone on Earth started generating 1 million keys per second for 100 years, the chance to encounter a collision is still pretty much zero.
Dad: Can one rest assured that as long as seed words are randomly generated, no two parties should ever generate a colliding key?
Son: Yes, Dad. Vires in Numeris.
#Bitcoin
Dad: Son, what do you actually do all day besides your family, your work and Bitcoin?
Son: Hi Dad,
I'm a sats collector, a volunteer UTXO curator and a lifelong learner.
Oh, and did I mention I'm on Twitter a lot? ;)
#Bitcoin
Dad: Son, cam yuu hlp be to make a bitcorn paymentt?
Son: Dad, what's wrong? Are you drunk?!
Dad: Alk goood. coudl be, .. maybe jhst a little too muvh of that finee botttle, ..
Son: 4 things not to operate intoxicated:
1. Firearms
2. Heavy machinery
3. Vehicles
4. Bitcoin
That's my message for today, Dad. Talk tomorrow.
#Bitcoin
Dad: Son, what is the biggest risk in Bitcoin?
Son: Hi Dad,
The biggest risk is having no bitcoin at all.
#Bitcoin
Son: Dad, get quality over quantity bitcoin.
Dad: Son, what do you mean?
Son: Bitcoin with your identity or bank account is a liability.
Dad: Son, how so?
Son: These funds are directly linked to your personal information. Privacy gone. It's better to keep your Bitcoin transactions private and separate from your personal information.
If your identity or bank account information is compromised, it can make you a target for hackers or even put your financial security at risk.
#Bitcoin